Pocketbooks Begin to Open as Household Wealth Grows

After a slow start early in the economic recovery, consumer spending has begun to pick up. The question is whether Americans are ready to open their wallets more widely.

Consumer spending has risen 9% since the end of the recession in mid-2009, after adjusting for inflation, half the average rate of increase in the seven previous recoveries since 1960. Following the recessions in 2001 and 1991, spending was up around 11%-12% by this...